Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia's opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters. International crude prices have fallen over 50 percent to under $26 a barrel since March 6, when Saudi Arabia, de facto leader of the Organisation of Petroleum Exporting Countries, and non-OPEC producers led by Russia failed to agree on a joint [Read more]
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Alberta pipeline spending shows need to fix Canada’s regulatory system: Taxpayers Federation
CALGARY, AB: The Canadian Taxpayers Federation is highlighting the need to fix Canada's regulatory system so job creators can build pipelines without relying on taxpayers. “Politicians needs to get their act together so we can get big projects built and taxpayers aren’t put on the hook for pipelines,” said Franco Terrazzano, Alberta Director for the CTF. “That means in Canada we need to repeal damaging legislation such as Bill C-69 and Bill C-48. “Taxpayers are always concerned about [Read more]
Cenovus Energy provides corporate update
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is implementing additional measures to enhance its financial resilience in response to the low global oil price environment that is expected to continue for an unknown period. The company’s financial framework and flexible business plan provide it with multiple options to prudently manage its balance sheet. Cenovus has decided to reduce its planned 2020 capital spending by an additional $150 million which, combined with the $450 [Read more]
International Petroleum Corporation announces revised 2020 expenditure plans
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) announces its plans to reduce total forecast 2020 expenditure by between USD 125 and 190 million. IPC’s revised total estimated 2020 capital and decommissioning expenditures account for approximately USD 85 million of the total forecast reduction. IPC’s total forecast 2020 operating costs are revised downwards by between USD 40 and 105 million, depending on production levels and commodity prices. Mike [Read more]
Transglobe energy Corporation announces financial, operations and corporate update
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (AIM & TSX: “TGL” & NASDAQ: “TGA”) (“TransGlobe” or the “Company”) announces a Q1 financial, operations and corporate update. All dollar values are expressed in US dollars unless otherwise [Read more]
Zargon Oil & Gas ltd. Announces termination of financing agreement and sale of us subsidiaries
CALGARY, Alberta - Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) announces that it has entered into an agreement to settle its US$3.05 million term debt through the sale of its US subsidiaries for nominal proceeds and the release of the Company from its obligations under the loan agreement. Further Information Zargon is a Calgary-based oil and natural gas company working in the Western Canadian and Williston sedimentary basins and is focused on oil exploitation projects (water floods [Read more]
Trump says he expects Saudi-Russia oil production deal in coming days
U.S. President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has "ravaged" the oil industry worldwide. "I think that they will work it out over the next few days. ... Both know what they have to do," Trump told a White House news conference, without elaborating on the reasons for his confidence. "Worldwide, the oil industry has been ravaged," Trump said, pointing to a flooded oil market as [Read more]
Canada energy firms fret as Ottawa labors over promised aid package
A government aid package for struggling Canadian energy firms has run into weeks of delays, in part because officials are still trying to obtain up-to-date data, according to three sources familiar with the matter. The oil and gas sector in the western province of Alberta, home to the world's third-largest crude reserves, has been hard hit by plummeting crude prices due to low demand and excess supply from Saudi Arabia and Russia. Smaller energy firms are seen as particularly vulnerable to [Read more]
Yangarra provides operations update
CALGARY - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides an operations update. As a result of the COVID-19 pandemic, Yangarra has implemented a number of actions to reduce the risk of spread amongst our valuable employee team. The Company's Calgary office has been reduced to two people with the remainder of the team working remotely to ensure the business continues to function and our people stay safe. In the field, Yangarra has implemented social distancing and [Read more]
Heavy discount widens as monthly trading cycle begins
Canadian heavy crude's discount widened versus U.S. benchmark West Texas Intermediate (WTI) oil on Wednesday, the first day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $16.65 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $15 under. With WTI prices trading around $21, the net Canadian heavy price was about $4 per barrel, around the lowest on record. "Basically (it's) [Read more]